House prices in Mayo expected to rise by 5 percent

IT is now cheaper to build a house than to buy a house in Mayo due to the ongoing rise in property prices.

According to The Sunday Times ‘Nationwide Property Price Guide’, prices are predicted to rise by another 5 percent.

In 2022, houses prices in Mayo were up by between 10 and 15 percent compared to 2021 levels.

Westport remains Mayo’s most expensive area to buy a house, where the CSO median house price stands at €297,000.

In 2023, a ‘large country home with land’ in the Westport area fetched as much as €550,000 – a rise of €100,000 on 2021.

House prices in counties Mayo, Cavan, Cork City North, East County Cork, Leitrim, Offaly, Sligo Town and South County Tipperary are also expected to rise by 5 percent in 2024.

Brendan O’Malley, an auctioneer based in the town, told The Mayo News that he expected prices in the locality to flatline if not rise in the year ahead.

“The main issue is the supply. There’s just not near enough, that’s the biggest issue,” Mr O’Malley said.

“While that’s happening, prices are going to continue the way they are, or they are going to go up.”

Mr O’Malley said that one new four-bedroom detached in a local development sold for €520,000 while a four-bedroom house in Rosmoney fetched over €350,000.

He added that there was ‘a real scarcity’ of houses in the Westport area with an asking price of between €300,000 and €400,000.

“I don’t see them going a lot dearer, but definitely the stuff that comes on, anything from €300,000 to €400,000, there’s lots of demand for that,” he said.

Comparing house prices between the Claremorris and Ballina areas, a second-hand three-bed semi-detached house in Claremorris stood at €200,000 in 2023, compared to €185,000 in Ballina.

A ‘large country home with land’ cost an average of €450,000 in both areas.

The cost of a two-bedroom second-hand apartment in Westport was €275,000, far exceeding similar properties in both Ballina (€100,000) and Claremorris (€135,000).

The average listed price of a house in Mayo in Q4 of 2023, was €212,849, according to the latest Daft.ie research.

House prices in counties Mayo, Cavan, Cork City North, East County Cork, Leitrim, Offaly, Sligo Town and South County Tipperary are all expected to rise by 5 percent in 2024.

The highest predicted price rise is in Kerry, where house prices are anticipated to rise by 15 percent.